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Enigma Diagnostics, Porton Capital, Harvey Boulter
Procor Services
Posted: Sunday, November 15, 2015
Joined: 10/19/2015
Posts: 3


Speaking of boats, it now transpires that not only is Harvey allowing would-be second hand car buyers to feel like 'King of the Road' in his used (investor bought) Rolls Royces but he's also now inviting would-be buyers to take to the high seas too with the recent listing of his boat (again investor bought) a Wally 47 as seen below: 

http://www.meyachts.com/print.html?item=listing&id=124

No doubt M71/Lioncity/Reiner/Mike Furguson this is all yet further 'desperation' with the remarkable reappearance of Sonia Phacos’s phone number as the sales point of contact being evidence of new levels of 'underhandedness' by us. We would suggest however, given the 60%+ haircut factored into the offer price, that instead it shows just how much of a hurry Harvey is now in to get out of Dubai ASAP (with leaving by sea presumably now being ruled out). 

Bud Fox - We're still keen to hear from you so don't be shy in reaching out to us as we think the conversion could be a very useful one questions@procorservices.com.hk.

 In the meantime Harvey, tick-tock... 


M71
Posted: Tuesday, November 17, 2015
Joined: 8/27/2015
Posts: 13


When you first clicked on this link the cars were advertised at STG450k - and yet they are 6-7 years old.  That is more than the cost of a new one and most people who do even a cursory investigation would be able to tell you this.  Seems that those making the claims could do some better research.  I see that that adverts were taken down pretty quick, when the error was highlighted!!!

And here is another revelation - Bud Fox is David Lewnes!!!  Really it should be no surprise that a former Magellan client would have a part in this.  Apparently you got fingered.


Donald
Posted: Wednesday, November 18, 2015
Joined: 6/7/2015
Posts: 7


Actually Harvey, you are Lioncity, M71, 2PSI and probably Reiner too. But why do you raise the name David Lewnes? Who is he and why is his name relevant to this blog?
Bud Fox
Posted: Wednesday, November 18, 2015
Joined: 6/7/2015
Posts: 35


Yes, I can confirm that. Bud Fox is not David Lewnes (whoever he might be), nor Charlie Sheen.....

lioncity wrote:

M71, that is a complete load of BS!

This blogger here is David Lewnes and I have absolutely nothing to do with Bud Fox. It is clear that someone is trying to frame me, and even I can see that.  However I have been repeatedly threatened by Boulter and I have been ultra careful not to disparage him or his company in any way.

This blog has become quite ridiculous.



Procor Services
Posted: Wednesday, November 18, 2015
Joined: 10/19/2015
Posts: 3


Harvey – You and your pseudonyms (which are at 5 and counting) aren’t persuading anybody of anything but feel free to keep digging a hole for yourself.

For those readers who are interested in ‘facts’, see below a previous ad for the boat in 2013 (which evidently didn’t sell then either) and which has been forgotten about and not (yet) removed, although we have full records of the various web pages of the cars & boat ads for future reference:

http://www.yachtdepo.com/yacht-sale/en-91215904/wally-power-47

The boat’s name, ‘Samara B’, is visible in the 3rd & 5th photos and ties it directly to Harvey. Coincidentally enough, Harvey also used to own a gin palace-sized Sunseeker which had the same name but he was forced to sell it in 2012. You can see what your money bought him below (although the boat has subsequently been renamed):

http://www.boatinternational.com/yacht-market-intelligence/brokerage-sales-news/big-price-cut-on-motor-yacht-samara-b-at-oceanstyle-and-sunseeker-monaco--11385

http://www.yachtcharterfleet.com/luxury-charter-yacht-32754/lusia.htm

It turns out that even Harvey couldn’t afford the upkeep inspite of all that hard earned cash he misappropriated from investor funds. That he now wants to accuse others of running a Ponzi scheme is comedy gold.  

Harvey - so that’s 2 cars and 1 boat which our interventions mean you’ll never see any cash for. What’s next on the fire-auction list? Rest assured we’ll be watching.

Also several journalists are trying to get hold of you with a long list of questions about your systematic misuse of investor funds and also how you have been able to operate legally given neither you nor Porton hold regulatory approval or licenses to raise investment funds anywhere, especially not in the GCC. We’d all be very grateful if you would turn your phone on and start to answer emails again, the total radio silence approach really isn’t very professional…


M71
Posted: Wednesday, November 18, 2015
Joined: 8/27/2015
Posts: 13


Lioncity I have no reason to believe you are not who you say your are but you now want us to believe that you are not running two blogs when it seems so many people are running multiple blogs.

If you refer to your earlier blog you let out your views of  your former financial adviser, Fraser Jameison of Magellan.  The story of you and Fraser is known just about everywhere.   Fraser was delighted to see the back of you. The story of how you were fired from your job and were flat arse broke is equally well known.  So a little bit of extortion here and there and you have a new job.

As I have repeatedly stated there never was any legal case and Procor was just another money making scheme most likely from Harwell capital.   None of our investors are going to throw money at this.  Seems their partners are now dumping them too and I hear they have a few investigations of their own now ongoing.  We would not have touched them with a barge pole.

The only common thread is a hatred of Boulter, but where exactly does that get you; any of you.  We don't particularly like him either but for our investors he is the only gateway to returns.  If any of your are real investors it is something you might want to reflect on.


M71
Posted: Wednesday, November 18, 2015
Joined: 8/27/2015
Posts: 13


Also isn't it just amazing that the only person ever to have criticized Porton in public, Mr David Lewnes, is unknown to the Donald and Bud Fox.  You guys are not in the least part credible.
Donald
Posted: Wednesday, November 18, 2015
Joined: 6/7/2015
Posts: 7


M71 wrote:
Also isn't it just amazing that the only person ever to have criticized Porton in public, Mr David Lewnes, is unknown to the Donald and Bud Fox.  You guys are not in the least part credible.
M71, the only person that would know that is Harvey Boulter! Not so smart after all are you.

M71
Posted: Thursday, November 19, 2015
Joined: 8/27/2015
Posts: 13


Dear Donald

It is difficult to imagine that you are able to blog yet unable to perform a Google search on Boulter or Porton.  If you had done a Google search you would see as I stated that there is only one 'named' investor as far as I can tell that has criticized Porton in relation to an investment.  Really you don't have to be Einsten or Boulter to conclude this.

Then if you were actually an investor or broker you would also have seen this article repeatedly over the years unless you use a computer with your eyes shut.

All of you who are brokers know exactly who I am.  If you are investors you likely know who I am.  This is a small community of IFA's and we have all seen too many products that have gone wrong.  I am trying to protect my clients, which is why the procor initiative was warned off.  We called that right as there was nothing to that and those who did participate which seems not to be very many have just lost more money.

So with this all said, Donald et al, you either have an agenda that has nothing to do with investment or you have some personal vendetta.  We for one really wish you would get off the fence and litigate if you are going to.  Until you do nobody will take you seriously as this whole blog looks increasingly like a work of fiction.

MW


Donald
Posted: Thursday, November 19, 2015
Joined: 6/7/2015
Posts: 7


Harvey Boulter, you have just announced to the world that you are M71 as you couldn't resist the opportunity to be arrogant and rude again. I suppose the arrogance is nicely balanced by the paranoia that drives you to search the web every day for any derogatory comment about you or Porton so that you can crush the dissenters. And then there are the daily postings on this blog and the "Coral Student Fund, Gavin Ferber-Smith, Bandeaux" blog using multiple pseudonyms. I presume the stress of wondering when you will be arrested, taken to court, shamed and jailed must lead to these actions. It gives investors solace that you are squirming even before proceedings have commenced. And you are obviously planning to flee Dubai, but where will you go? Nowhere to run, nowhere to hide.
M71
Posted: Sunday, November 22, 2015
Joined: 8/27/2015
Posts: 13


Donald

It is very curious that you know how to blog yet you are unable to do a google search.  Had you been an investor or a broker you would no doubt of done such a search and you would see through the Porton / Boulter press, that aside from Fox and his gay friend, there is only one investor article with a named source.  This article further has been circulated to all brokers over the last two years and many clients.  The source was David Lewnes.  No other person has even been quoted as far as I can tell.  Tell me if I am wrong on that.

Now if you accuse me of being Boulter on the grounds you can't use google then you have larger issues.

Why don't you write something of substance based on fact or just not bother

 


Bud Fox
Posted: Thursday, November 26, 2015
Joined: 6/7/2015
Posts: 35


 For once, I am in full agreement with you; let's get this forum back to matters of substance and start with the news of further departures from the Board of Enigma, which came into the public domain earlier this month.
 
As we all know, although it took many, many months for Harvey Boulter to inform his investors, John McKinley left the Board at the end of February. Whether he jumped or was pushed isn't clear, but for sure for most Porton investors, he WAS Enigma in a way in which Harvey Boulter never has been and never will be. Now we learn that the remaining 2 independent directors, Chris Sykes and John Howland-Jackson, left the Board on 30 October. The appointment of both of them was announced with a great fanfare by Porton, but Chris Sykes lasted only 12 months and John Howland-Jackson only 2 1/2 months longer than him. Again, as for John Mckinley, whether they jumped or were pushed is not known and it is unlikely that any credible explanation for these 3 departures will ever be given by HB, but it seems very likely that there are serious problems at Enigma.
 
There are now only 3 directors left at Enigma, namely our hero, Andrew Hegarty (an associate of our hero) and Chang Han, who presumably represents the Chinese investors. Not exactly a Board to inspire confidence.
 
Given your remarkably close relationship with HB and his well-known reluctance to communicate with his investors, perhaps you would be kind enough to get HB's thoughts on the recent departures from the Board the next time you see him (in the mirror?)
 
 
 M71 wrote:

Donald

It is very curious that you know how to blog yet you are unable to do a google search.  Had you been an investor or a broker you would no doubt of done such a search and you would see through the Porton / Boulter press, that aside from Fox and his gay friend, there is only one investor article with a named source.  This article further has been circulated to all brokers over the last two years and many clients.  The source was David Lewnes.  No other person has even been quoted as far as I can tell.  Tell me if I am wrong on that.

Now if you accuse me of being Boulter on the grounds you can't use google then you have larger issues.

Why don't you write something of substance based on fact or just not bother

 



MUSH
Posted: Monday, November 30, 2015
Joined: 7/31/2015
Posts: 10


As far as I can tell McKinley was completely overpaid at about $1m a year.  Over a decade he seems to have delivered failure after failure; so he is no real loss.  Indeed he should have gone 7 years ago after his first failure to sell the business!!
Bud Fox
Posted: Monday, November 30, 2015
Joined: 6/7/2015
Posts: 35


Very interesting, "MUSH". I could write a book about your post, but I'll keep it short:-

i) The remuneration disclosed in Enigma's accounts for JM is nowhere near the GBP equivalent of USD1m. If you know otherwise, I suggest you pass on your information to the ICAEW, as regulators of Enigma's auditors, and / or the SFO. Deliberate failure to disclose fully a director's remuneration is a serious offence with potential consequences for all those involved.

ii) I think the general view of Harvey Boulter is that he micro-manages all the portfolio companies, including Enigma. If JM delivered nothing but failure, why did HB tolerate him for a further 7 years after the first attempt to sell the company?

iii) For many years, the updates on Enigma issued by Porton have been consistently bullish. How do you reconcile that with "failure after failure" delivered by JM "over a decade"?

iv) The person who is ultimately responsible for the failure to deliver anything to Porton investors over almost 16 - yes, 16 - years, is Harvey Boulter. Would you ask him to comment on that?

v) Just as JM is supposedly "no real loss", does the same apply to the other 2 independent directors who departed at the end of October? Just what is going on at Enigma?

vi) When will Enigma file its accounts for the y/e 30/04/2015? I think all Enigma investors are looking forward to seeing just how much cash the company actually received from the Chinese investors.

MUSH wrote:
As far as I can tell McKinley was completely overpaid at about $1m a year.  Over a decade he seems to have delivered failure after failure; so he is no real loss.  Indeed he should have gone 7 years ago after his first failure to sell the business!!


Bud Fox
Posted: Monday, November 30, 2015
Joined: 6/7/2015
Posts: 35


I'm hearing rumours from several contacts in the Gulf that last week Mr Boulter had a "close encounter of the legal kind" with the authorities in Dubai. Can anyone advise whether or not there is any substance to the rumours , and if there is, give some details?
MUSH
Posted: Tuesday, December 1, 2015
Joined: 7/31/2015
Posts: 10


Foxy, you have a list of good questions.  I was just stating my opinion but perhaps you think McKinley did a good job.  I don't and that is my opinion.  I think if you look back in the prior accounts a couple of years ago you will see that my figure is pretty close.
denno
Posted: Tuesday, December 1, 2015
Joined: 8/6/2015
Posts: 9


re Enigma ,next accounts due mid jan 2016, capital declared at 23.14 mill GBP  as of June 2015.......never know what to make of this blog , alot of pissed off investors [ i am one of them ], and people with other interests plus HB..........hard to make out the shit from the shite .......but i prefer to live in hope
Bud Fox
Posted: Tuesday, December 1, 2015
Joined: 6/7/2015
Posts: 35


Could you provide details (after all, the information is in the public domain)? As far as I am aware there is no set of accounts in which the DISCLOSED remuneration is anywhere near the GBP equivalent of USD 1m. Are you suggesting that there is remuneration charged in one set of accounts which is not disclosed as directors remuneration but as something else? If that is the case and can be substantiated, it is a serious offence.

MUSH wrote:
Foxy, you have a list of good questions.  I was just stating my opinion but perhaps you think McKinley did a good job.  I don't and that is my opinion.  I think if you look back in the prior accounts a couple of years ago you will see that my figure is pretty close.


MUSH
Posted: Thursday, December 3, 2015
Joined: 7/31/2015
Posts: 10


Foxy, try looking at the April 2012 accounts.  It is as clear as day in the accounts, note 5, called highest paid director 647k sterling.  That is about $1m in my books.  My point and my opinion, which if you will allow me, is that Enigma could have done a lot better.
Bud Fox
Posted: Wednesday, December 9, 2015
Joined: 6/7/2015
Posts: 35


 Denno, just FYI, the 30/04/2015 accounts were filed on 18 November and are now available via the usual agencies. Fascinating reading, especially Note 23 (Share Capital) and Note 24 (Share Premium). Re the latter, it is hard to believe that the 3 share issues during the year, which in total raised a net GBP 12.2m, required expenses of GBP 2.7m. Given that there is nothing about that in Note 28 (Related Party Transactions), we have to assume that not a penny of that GBP 2.7m ultimately benefited any of the directors, but is that really credible?
 
 
 denno wrote:
re Enigma ,next accounts due mid jan 2016, capital declared at 23.14 mill GBP  as of June 2015.......never know what to make of this blog , alot of pissed off investors [ i am one of them ], and people with other interests plus HB..........hard to make out the shit from the shite .......but i prefer to live in hope


lioncity
Posted: Thursday, December 10, 2015
Joined: 9/2/2015
Posts: 9


Given the history of Porton and Boulter in particular it seems inconceivable that he has not had his dirty hands on the money somehow.  Certainly warrants more investigation.
Bud Fox
Posted: Thursday, December 10, 2015
Joined: 6/7/2015
Posts: 35


Having heard basically the same story now from several independent sources, I think it is reasonable to believe that what I have been told is correct. Here it is:-

a) Earlier this year, HB lost a case in Dubai. The identity of the successful litigant is not known, but it seems likely that it is a former Porton employee and unfortunately not a Porton investor. An unknown amount was awarded to the litigant.

b) HB failed to pay.

c) The litigant succeeded in obtaining the issue of an arrest warrant for HB in Dubai.

d) On Thursday, 26 November, HB returned to Dubai from Namibia (presumably his next place of residence) and was arrested at the airport.

e) HB spent the next 48 hours or so in custody.

f) On Saturday, 28 November, he appeared before a judge. His passport was confiscated (of course, he has more than one) and he was given 30 days to pay the amount awarded to the litigant. He was then released.

g) Unless and until he pays the litigant, he would be taking a serious risk if he were to attempt to leave Dubai using another passport. Therefore it is reasonable to assume that he will pay and the matter will then be closed. However, until then, Porton investors can be forgiven for feeling a certain sense of schadenfreude! 

 


denno
Posted: Thursday, December 10, 2015
Joined: 8/6/2015
Posts: 9


so who would that be GFS ??
MUSH
Posted: Friday, December 11, 2015
Joined: 7/31/2015
Posts: 10


Foxy, I think you have your data wrong or may be the whole story.  My financial adviser met Boulter on Thursday 26th Nov at lunchtime in his office. He said he did not look stressed, perhaps jet lagged as he arrived that morning, but had lots of 'good news' as always. This is the second time you seem to be getting corrected.  I realize it is a blog but to make it helpful for anyone that reads it perhaps needs to be vaguely accurate.
Bud Fox
Posted: Thursday, December 17, 2015
Joined: 6/7/2015
Posts: 35


 That is my guess. If you do a basic search under G F-S, you will find a link to the homepage of a QC at Blackstone Chambers. Among the cases listed is one in 2012 in which he represented G F-S against Porton Capital and blocked an application for injunctive relief on the basis that England was not the appropriate jurisdiction. If England wasn't, where was? It has to be Dubai. Allow a couple of years for the Dubai legal system to hear a new case and you're into 2015, when G F-S suddenly reappears in the investment business, presumably after winning his case in Dubai. He certainly seems to tick all the boxes.
denno wrote:
so who would that be GFS ??


Bud Fox
Posted: Thursday, December 17, 2015
Joined: 6/7/2015
Posts: 35


Well, MUSH, I think we all know now whose face you see when you look in the mirror. The story of HB's arrest is correct as posted, and you know it. As regards the previous "correction", ie the plan to vacate the office in Dubai, that was correct at the time of posting, but it really doesn't matter. More importantly, you have said nothing about HB's palace being up for sale, nor about his plans to leave Dubai. Did "your financial adviser" perhaps discuss that with HB when he "met" him on the 26th?
MUSH wrote:
Foxy, I think you have your data wrong or may be the whole story.  My financial adviser met Boulter on Thursday 26th Nov at lunchtime in his office. He said he did not look stressed, perhaps jet lagged as he arrived that morning, but had lots of 'good news' as always. This is the second time you seem to be getting corrected.  I realize it is a blog but to make it helpful for anyone that reads it perhaps needs to be vaguely accurate.


MUSH
Posted: Friday, December 18, 2015
Joined: 7/31/2015
Posts: 10


Foxy, again suggest you check your facts because what you state is simply not possible.
Big Ron
Posted: Friday, December 18, 2015
Joined: 12/18/2015
Posts: 1


I in retirement now and have been invested a long time in Enigma and like everyone I'm curious about this blog but its enough. I spoke to Harvey Boulter on the Friday he was supposedly in jail and he was not in any jail as I could tell.  We talked about 30 minutes about Enigma and I'm sure he will figure out who I am. I am not a fan of him or Enigma, but I just don't see what the point is here? This blog seems to have lost its way.
Bud Fox
Posted: Sunday, January 31, 2016
Joined: 6/7/2015
Posts: 35


Which facts? How much he was billed by the authorities for his time in jail? The amount of the cash bond he had to lodge to get out of jail? Do you want more? And for any investor who still has cash to spare, various documents (eg the charge sheet)  relating to HB's arrest are available......
I understand that HB has "until February" to pay G F-S, and although he'll hate it, that is presumably exactly what he will do. After that, the Prince of Dubai will be free to leave Dubai to embark upon his new career. And of course, he has the consolation of knowing that as with virtually everything else, it is actually his investors who will be paying G F-S.
MUSH wrote:
Foxy, again suggest you check your facts because what you state is simply not possible.


Bud Fox
Posted: Sunday, February 7, 2016
Joined: 6/7/2015
Posts: 35


Actually Note 5 continues "...includes an accrual of GBP 200k for accumulated amounts relating to pension, bonus and other benefits from prior years..." That makes the true amount for 2011/12 GBP 447k. Hardly a pittance, I agree, but it does almost seem like one compared to the many, many millions which your mirror image has taken from the "direct" offerings. The real responsibility for the 3 failed attempts to exit Enigma rests squarely with Harvey Boulter.
There is another party which I think so far has not been mentioned on this forum, namely the directors of Ploughshare Innovation, the MoD's investment vehicle. They are supposed to be safeguarding the interests of the UK taxpayer, who funded the original research, but where have those directos been for the last x years? Asleep on the job, for sure, but is that just the usual MoD incompetence or is there an altogether more disturbing and venal explanation for their silence and inaction?
UK investors in Enigma would do well to write to their MPs. 
MUSH wrote:
Foxy, try looking at the April 2012 accounts.  It is as clear as day in the accounts, note 5, called highest paid director 647k sterling.  That is about $1m in my books.  My point and my opinion, which if you will allow me, is that Enigma could have done a lot better.


Bud Fox
Posted: Sunday, February 7, 2016
Joined: 6/7/2015
Posts: 35


You spoke to him on that Friday? Yes, of course you did, but how strange that everybody else who was trying to have a word found that his cellphone number was unobtainable.
I do hope that you're not relying on your investment in Enigma to help fund your retirement, as the filings at Companies House in December raise a few questions. The representative of the Chinese PE investor resigned and was replaced by a "consultant" with a Beijing address, who seems to have no connection with PE investor who was supposed to provide funding of USD 50m, but who actually seems to have provided far less than that. Oh, and the auditors resigned, although they state (as auditors always do) that there are no circumstances connected with their resignation which should be drawn to the attention of the members, I doubt in any Enigma investors will be reassured by that. 
Big Ron wrote:
I in retirement now and have been invested a long time in Enigma and like everyone I'm curious about this blog but its enough. I spoke to Harvey Boulter on the Friday he was supposedly in jail and he was not in any jail as I could tell.  We talked about 30 minutes about Enigma and I'm sure he will figure out who I am. I am not a fan of him or Enigma, but I just don't see what the point is here? This blog seems to have lost its way.


Bud Fox
Posted: Sunday, February 7, 2016
Joined: 6/7/2015
Posts: 35


Investors in the remaining sub-funds of PCTF (ie PSA, SSF and Science and Innovation) should have received the 30/06/2015 accounts some time in December. As always, a fascinating document, about which I will be posting soon, but only those investors with a strong stomach should attempt to read it, as the future for the 3 sub-funds looks bleak indeed and is well flagged in the accounts.

The accounts were accompanied by  a letter from HB which ends with," We look forward to our continued partnership." It's hard to believe that any investors share those sentiments.

At the end of this month, investors will be raising a glass to "celebrate" the 16th anniversary of the incorporation of Porton Capital Technology Funds and the start of HB's "investment business". That's 16 years during which investors have only losses, while at the same time the proprietor has generated a fortune for himself. Is there anyone who does not detect a very bad odour indeed coming from HB's "investment business"?


denno
Posted: Wednesday, February 10, 2016
Joined: 8/6/2015
Posts: 9


Hey Bud, ref your blurb re , did or was any Chinese money ever invested , if you follow this link as of June the 9th 2015 , they had 23+ Mill GBP in cash, as to anything and everything else, who the hell knows.
http://www.bizdb.co.uk/company/enigma-diagnostics-limited-05114005/

 


Bud Fox
Posted: Thursday, February 11, 2016
Joined: 6/7/2015
Posts: 35


"Blurb"? It's the only the information we have about Enigma from a source other than Porton....
What your link actually says is that Enigma has CAPITAL of around GBP 23m, NOT CASH!
As at 30/04/2015, Enigma had cash and cash equivalents of GBP 5.5m v minus 7.1m 12 months earlier. The improvement was attributable almost entirely to the USD 20m put in by Shanghai Debay Capital LLP.
The latest accounts are dated 13 November and state that a resolution for the reappointment of Deloittes (as auditors) will be submitted to the AGM. Just over a month later, both they and Shanghai Debay's represenative on the Board had resigned.
Given that both the directors and auditors highlight the uncertainty surrounding Enigma's financial position, it is inconceivable that any significant amount of new capital was subscribed between 30/04/2015 and 13/11/2015 without details being given in the note on Post Balance Sheet Events. It therefore seems reasonable to assume that in total, Shanghai Debay contributed only USD 20m of new capital, and not the USD 50m which was announced by Porton with such a fanfare in the autumn of 2014.
You probably noticed in the updates from Porton in December that Enigma "...spent the last quarter in a number of discussions with a number of Chinese operators / investors who can act as a potential funder....and hopes to be able to announce that future funding has been successful early in Q1...", all of which begs the obvious question, "What has gone wrong with Shanghai Debay?" All of this is consistent with the whispers that SD were "not happy" with their investment in Enigma and had refused to contribute any further capital.
The obvious conclusion is that Enigma must now be facing a very serious funding problem - again.
 denno wrote:
Hey Bud, ref your blurb re , did or was any Chinese money ever invested , if you follow this link as of June the 9th 2015 , they had 23+ Mill GBP in cash, as to anything and everything else, who the hell knows.
 
http://www.bizdb.co.uk/company/enigma-diagnostics-limited-05114005/
 

 



Bud Fox
Posted: Thursday, February 11, 2016
Joined: 6/7/2015
Posts: 35


The 30/06/2015 PCTF accounts contain an absolute gem in Note 18 (Financial Instruments):-

....The primary investment objective of the Company is to deliver increases in capital value to investors.....

Tell us, Harvey, do we laugh or cry, given that in almost 16 years you have not delivered a single, significant and profitable realization to any investor other than yourself?

Repeat:-

....IN ALMOST 16 YEARS....

What a track record; what a fund manager; what an "investment business".


denno
Posted: Thursday, February 11, 2016
Joined: 8/6/2015
Posts: 9


well you are better informed than me , and perhaps you have more at stake.I guess from someone who has invested and considered it a risky investment [ but not as risky as it turned out ], I think ALL we or people like me want to know is , has it really has gone south , just tell us and we can all move on, as painful as it will be [ this is not a critism of you ] but I read negative and then i read positive and none of us know the real story which is the annoying bit, if my money is lost 101% definately , i move on, i guess it is just the not knowing, and then we have the action groups springing up which [ and this is the sceptic in me ] is a front to settle scores and bleed me for more money.
Bud Fox
Posted: Sunday, February 28, 2016
Joined: 6/7/2015
Posts: 35


As it's the last day of February, it's time once again for all investors (past and present) in the sub-funds of Porton Capital Technology Funds to raise a glass to Harvey Boulter to "celebrate" the 16th anniversary of the incorporation of the company.

Doesn't time fly by in the Boulter universe? It seems like just the other day that we were entrusting our hard-earned money to HB, and now, it's basically all gone and he has amassed a personal fortune.

Nice one, Harvey. Any chance of buying shares in Porton Capital Inc? I thought not!


Bud Fox
Posted: Wednesday, March 2, 2016
Joined: 6/7/2015
Posts: 35


The amount I have at stake is irrelevant. The simple fact is that along with hundreds, or more likely thousands of other investors, I entrusted part of my hard-earned savings to Harvey Boulter, and what has he done with it? Some of it was (shock!) actually invested in the portfolio companies, which thanks to his managerial incompetence, have gone under one after another, so that now only 2 (CSG and Enigma) remain. The rest of the money found its way into HB's own bank account to fund his opulent lifestyle in Dubai and elsewhere.
If you want my guess, it is that 2016 is the year in which the Porton "investment" "business" and the remaining portfolio companies disappear and HB embarks on a new career, probably in the USA. Of course, wherever he goes, and however much he tries to reinvent himself and erase the past, he won't succeed.
If I were you, I'd shed a few tears for your worthless investment and move on, older, but a great deal wiser and resolve never, ever again to invest in anything run out of a tax / secrecy / disclosure haven, particularly the Cayman Islands.
The Action Group? Well, rather like the dog in the famous Sherlock Holmes story, surely the point about the Action Group is that there is.......no...........ACTION! If the genuine investor members of this group are not by now very restless and starting to ask some very hard questions of the manager, more fool them.
denno wrote:
well you are better informed than me , and perhaps you have more at stake.I guess from someone who has invested and considered it a risky investment [ but not as risky as it turned out ], I think ALL we or people like me want to know is , has it really has gone south , just tell us and we can all move on, as painful as it will be [ this is not a critism of you ] but I read negative and then i read positive and none of us know the real story which is the annoying bit, if my money is lost 101% definately , i move on, i guess it is just the not knowing, and then we have the action groups springing up which [ and this is the sceptic in me ] is a front to settle scores and bleed me for more money.


Bud Fox
Posted: Friday, April 29, 2016
Joined: 6/7/2015
Posts: 35


As Porton now seem to be sending updates only to those who ask for them, it is likely that there are many investors who are unaware of the recent, depressing news about Enigma. As Enigma is short of cash and unable to raise new capital, it has been put up for sale, presumably on the basis that any offer, no matter how low, will be accepted. Based on past experience, the obvious assumption is that Enigma is now worth very little and quite probably, nothing at all. On that basis, it seems almost certain that the 3 remaining sub-funds of PCTF (ie PSA, SSF and S&I) are worthless.

With Enigma effectively gone, the only remaining portfolio company is CSG, the company in which all Cellcrypt investors have ended up. I do not know of anyone who has been able to find any independent evidence of significant commercial activity by CSG, so my guess is that this company is also worthless and is being kept going only for as long as it is useful for Harvey Boulter's plans for a new career, probably in the USA.

Unless the Porton Investor Action Group surprises us all, it does seem as though the saga of Harvey Boulter's "investment" "business" is effectively finished, with investors having lost everything, but the "investment" manager having accumulated a personal fortune. Amazing.

 


denno
Posted: Monday, May 2, 2016
Joined: 8/6/2015
Posts: 9


we have our answer!!
denno
Posted: Wednesday, May 4, 2016
Joined: 8/6/2015
Posts: 9


i think the reason many investors have not had the good news yet is their brokers are still on the floor, and after failure after failure they and the investors were pining there hopes on ED and CSG. I stopped dealing with my brokers ages ago and got my update direct from Porton, and as you say, they reckon they have one bid are working on another, but we have heard that story many times, so very unlikely to happen, frankly if i  see a  penny back it will be a result ..............anyway at least we know for sure now
Bud Fox
Posted: Thursday, May 5, 2016
Joined: 6/7/2015
Posts: 35


Indeed, Denno; in the Porton universe, "hope" is the cruellest word of all, and Boulter has played the hope card very skillfully for many years. For sure, there will still be some investors pinning their hopes on CSG. Good luck to them.

denno wrote:
i think the reason many investors have not had the good news yet is their brokers are still on the floor, and after failure after failure they and the investors were pining there hopes on ED and CSG. I stopped dealing with my brokers ages ago and got my update direct from Porton, and as you say, they reckon they have one bid are working on another, but we have heard that story many times, so very unlikely to happen, frankly if i  see a  penny back it will be a result ..............anyway at least we know for sure now


denno
Posted: Saturday, May 21, 2016
Joined: 8/6/2015
Posts: 9


now he wants more money.............you couldnt make it up
JimboJones
Posted: Tuesday, May 24, 2016
Joined: 5/24/2016
Posts: 1


oh yeah? What is he asking for now Denno?
GreenLeaf
Posted: Sunday, June 5, 2016
Joined: 6/5/2016
Posts: 1


Do anyone here have information about csg/seecrypt? Suddenly many employees in new jobs. All seem to have happened May.. ship also sinking?
denno
Posted: Monday, June 6, 2016
Joined: 8/6/2015
Posts: 9


one disaster at a time....i am sure when we get the final obit on ED............CSG sure to follow
BigDaddy
Posted: Saturday, August 20, 2016
Joined: 8/20/2016
Posts: 1


I'm sorry to hear that so many people on this forum have lost money through the actions of Harvey Boulter. After a quick scan through the posts, it's notable that the adjective 'arrogant' crops up frequently when his name is mentioned. Clearly he hasn't changed a bit since I had the misfortune of knowing him at Worthing Sixth Form College in the late 80s, when he was an intelligent but arrogant rich brat. Even his so-called friends mocked him behind his back and I'm not surprised that he's wound up in this situation. Best of luck getting any of your money back.
Bud Fox
Posted: Saturday, October 29, 2016
Joined: 6/7/2015
Posts: 35


This forum has now gone very quiet, but that is hardly surprising given that dear Harvey now seems to be in the final stages of closing down his entire "investment" "business" and (reportedly) moving to the USA to embark on a new career, whatever that might be.

The closure of the Synergis Seed Fund and PSA earlier this year left Science & Innovation as the sole remaining sub-fund of PCTF. In September, investors in S&I received a letter (dated 15 September) from Porton which informed them that:-

i) S&I would be closed once the 2 remaining investments in Enigma and CSG (Communication Security Group) were sold.

ii) The stake in Enigma was due for sale in the "very near term" (more on this below).

iii) An offer of USD 186,889 had been received from an unidentified party for S&I's holding of just over 7m shares in CSG (equivalent to around USD 2.5c per share). Even though this offer was "...at the lower end of the Board's valuation.....in all the circumstances...." the Board would accept the offer "....unless a higher offer can be obtained ....on or before 14 October 2016...." I doubt if there are many Porton veterans who expect that a higher offer will be obtained.

Early in October an undated Enigma update, originally intended for the eyes of only a select group of investors, began to circulate. According to the update:-

i) The Enigma Board had entered into a Heads of Terms with Beijing Applied Biological for the sale of Enigma for a cash price per share of "up to" 2.8p per share.

ii) The price of 2.8p is "...still subject to some remaining legal, financial and technical due diligence...." and therefore "....the final consideration may be lower..." Again, Porton veterans will probably draw the obvious conclusion.

iii) It is hoped that "...efforts on all sides will lead to an acquisition of the Company within 2-3 months..."

iv) In connection with the peculiar series of convertible loans offered earlier this year, Harvey, gracious as ever, "....would like to express its (ie the Board's) gratitude to these investors...." Not a word of gratitude / sympathy / apology for the direct investors who have supported Enigma for years and who paid prices substantially higher than 2.8p. But then, once sheep have been sheared, they are no longer of any interest to the shearer....

Just a few observations, as it is now very late in the day with this saga:-

i) In the 30/06/2015 PCTF accounts, CSG was valued at around USD 40c per share. According to the subsequent updates, all has been going well, but now the Board intend to accept an offer which is a fraction of the most recent valuation.

ii) By the time Porton have extracted the usual charges, it is hard to believe that there will be much, if indeed anything left for the investors in S&I, which as the first sub-fund of PCTF, has been in existence for around 16 years.

iii) Although a price of "up to" 2.8 p would be a pittance for Enigma investors, there is one glaring exception, ie Porton Capital Inc = Harvey Boulter. According to a document circulated back in May in connection with the emergency loan offering, PCI holds in excess of 50% of the total issued capital of Enigma, or just over 1 BILLION shares. Do the calculation and weep. Each 1p is worth in excess of GBP 10m to Mr Boulter. Of course, in addition to that, it is impossible to believe that Harvey will not also be receiving substantial fees and commissions as part of this sale. And let's not forget the millions which he has taken over the years from the various "direct" offerings made with the assistance of his good friends in the Birmingham office of DLAP.

Unless the Porton Investor "Action" Group finally moves, it all seems to be over bar the shouting / weeping for Porton investors. Perhaps the following would be a fitting epitaph for Harvey Boulter's "investment" "business":-

i) With only one exception (see below), every investor lost virtually everything.

ii) In more than 16 years, Porton failed to achieve a singe significant, profitable exit for its investors.

iii) The one exception is Harvey Boulter, who via Porton Capital Inc, amassed a personal fortune.

 

 

 


denno
Posted: Wednesday, December 21, 2016
Joined: 8/6/2015
Posts: 9


THE END
Bud Fox
Posted: Saturday, February 18, 2017
Joined: 6/7/2015
Posts: 35


Bad news for anyone hoping to imitate dear Harvey and use the cash from the disposal of Enigma to add to their portfolio of expensive cars and / or property. The attempt to sell Enigma "at up to 2.8p per share" has failed. Enigma will now be wound up and the shares are presumably completely worthless.

Given that our hero has a personal holding of over 1 billion shares in Enigma, even I thought that investors might get something back from their investment. The fact that the attempt to sell Enigma failed (yet again) in spite of Boulter's obvious personal incentive to ensure it succeeded, suggests very strongly that something stinks about Enigma.

Porton have sent to Enigma investors a remarkable document entitled "Enigma Diagnostics Limited - Brief Life History", which is simply an attempt by Boulter to convince his investors that this latest failure is, as usual, not his fault, but then it never is. Naturally, there is no mention of the attempted exit several years ago, "managed by" Goldman Sachs, with a minimum expected price per share of 100p. Similarly, there is no mention of the millions which Boulter has made from the "direct offerings" of shares in Enigma to investors who believed - wrongly, as we now know- that substantially all of the funds raised were going to Enigma.

Enigma is the latest in a long line of failed companies which seem to have had promising technology at the start, but which were then starved of capital by Boulter's greed and destroyed by his incompetence.

The only portfolio company which now remains is CSG, but I think we all know how that will end.

 

 


 

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